<PAGE>
<TABLE>
<S> <C>
Pricing Supplement dated September 10. 1997 Rule 424(b)(3)
(To Prospectus dated March 9, 1994 and File No. 33-52359
Prospectus Supplement dated March 9, 1994)
TOYOTA MOTOR CREDIT CORPORATION
Medium-Term Note - Fixed Rate
________________________________________________________________________________
Principal Amount: $65,000,000 Trade Date: September 10, 1997
Issue Price: 108.995% Original Issue Date: September 26, 1997
Interest Rate: 15.00% Net Proceeds to Issuer: $70,791,500
Interest Payment Dates: March 25, 1998 Principal's Discount or
and September 25, 1998 Commission: 0.085%
Stated Maturity Date: September 25, 1998
________________________________________________________________________________
Day Count Convention:
[x] 30/360 for the period from September 26, 1997 to September 25, 1998
[ ] Actual/365 for the period from to
[ ] Other (see attached) to
Redemption:
[x] The Notes cannot be redeemed prior to the Stated Maturity Date.
[ ] The Notes may be redeemed prior to Stated Maturity Date.
Initial Redemption Date: Not Applicable
Initial Redemption Percentage: Not Applicable
Annual Redemption Percentage Reduction: Not Applicable
Repayment:
[x] The Notes cannot be repaid prior to the Stated Maturity Date.
[ ] The Notes can be repaid prior to the Stated Maturity Date at the option of
the holder of the Notes.
Optional Repayment Date(s):
Repayment Price: %
Currency:
Specified Currency: U.S. dollars
(If other than U.S. dollars, see attached)
Minimum Denominations:
(Applicable only if Specified Currency is other than U.S. dollars)
Original Issue Discount: [ ] Yes [x] No
Total Amount of OID:
Yield to Maturity:
Initial Accrual Period:
Form: [x] Book-entry [ ] Certificated
___________________________
Smith Barney Inc.
</TABLE>
<PAGE>
ADDITIONAL TERMS OF THE NOTES
Denomination
Each Note will be issued in a minimum denomination of
$100,000 and in $1,000 increments thereafter.
Plan of Distribution
Under the terms of and subject to the conditions of an
Appointment Agreement dated as of February 9, 1996 (the
"Agreement") and an Appointment Agreement Confirmation dated
September 10, 1997, between TMCC and Smith Barney Inc., Smith
Barney Inc., acting as principal, has agreed to purchase and TMCC
has agreed to sell the Notes at 108.910% of their principal
amount. Smith Barney Inc. proposes to offer the Notes at an
initial public offering price of 108.995% of the principal amount
thereof. After the Notes are released for sale to the public, the
offering price may from time to time be varied by Smith Barney
Inc.
Under the terms and conditions of the Agreement, Smith
Barney Inc. is committed to take and pay for all of the Notes
offered hereby if any are taken.
Certain U.S. Tax Considerations
The following is a summary of the principal U.S.
federal income tax consequences of ownership of the Notes. The
summary concerns U.S. Holders (as defined in the Prospectus
Supplement) who hold the Notes as capital assets and does not
deal with special classes of holders such as dealers in
securities or currencies, persons who hold the Notes as a hedge
against currency risks or who hedge any currency risks of holding
the Notes, tax-exempt investors, or U.S. Holders whose functional
currency is other than the U.S. dollar or persons who acquire, or
for income tax purposes are deemed to have acquired, the Notes in
an exchange, or for property other than cash. The discussion
below is based upon the Internal Revenue Code of 1986, as
amended, and final, temporary and proposed United States Treasury
Regulations. Persons considering the purchase of the Notes should
consult with and rely solely upon their own tax advisors
concerning the application of U.S. federal income tax laws to
their particular situations as well as any consequences arising
under the laws of any other domestic or foreign taxing
jurisdiction.
Except where otherwise indicated below, this summary
supplements and, to the extent inconsistent, replaces the
discussion under the caption "United States Taxation" in the
Prospectus Supplement.
The Notes are issued at a premium equal to the amount
by which the purchase price exceeds the principal amount payable
on the Stated Maturity Date. A U.S. Holder may elect to amortize
such bond premium, if any, under Code Section 171. If this
premium is not amortized, a U.S. Holder will generally realize a
short-term capital loss when the Note matures. If a U.S. Holder
elects to amortize the premium, a portion of the premium will
<PAGE>
offset the taxable ordinary interest income and, correspondingly,
decrease the U.S. Holder's tax basis in the Note for each tax
year. This decrease to the U.S. Holder's tax basis will reduce or
eliminate any short-term capital loss (or increase any gain) when
the Note matures or is sold or exchanged.
The amount of premium that a U.S. Holder may amortize for a
tax year is the amount attributable to such year determined on
the basis of the Note's yield to maturity and compounding at the
end of each accrual period. An election to amortize bond premium
will apply not only to the Notes, but to all taxable bonds held
by the U.S. Holder at the beginning of the tax year to which the
election applies, and also to all bonds thereafter acquired. The
election is binding for all subsequent tax years and may not be
revoked without the IRS's consent.
smbarmtn7.wpd